Value-Add Asset Draws TN Investor
- Jun 20, 2019
Memphis-based LEDIC Realty Co., an owner/operator of affordable and workforce housing, has expanded its presence in Austin, Texas, by acquiring 184 units in the IBM area. Patton Jones, vice chairman at Newmark Knight Frank, represented the seller, Hamilton Zanze & Co. of San Francisco.
Enclave at Water’s Edge is a seven-building property spread across nearly 7 acres at 12330 Metric Blvd. The current deal was subject to an $18 million loan held by Independent Bank and due in 2024, as per Yardi Matrix data. Hamilton Zanze has held ownership of the property since 2015, when it acquired the asset for some $16 million.
Built in 1985, Enclave at Water’s Edge presents significant value-add opportunity for the new owner, especially since the bulk of Austin’s pipeline targets the Lifestyle segment. The property is in a highly sought-after location, in proximity of The Domain and the hubs of Amazon, Apple and Facebook.
The unit mix at the community consists of one- and two-bedroom floor plans averaging 760 square feet. Apartments feature private balconies/patios, outside storage, washer and dryer hookups, fireplaces and vaulted ceilings. Common-area amenities include a fitness center, a business center, a clubhouse, a basketball court, two swimming pools and spa, as well as 400 parking spaces.